EWZ
iShares MSCI Brazil ETF
#4 of 10 in Emerging Markets by own-history percentile (high → low)
Relative to SPY
Relative price history
EWZ ÷ SPY, 10-year range, as of Sep 18, 2026
How the reading moved
These changes re-score an older EWZ÷SPY ratio against today's 10-year window, so they show whether the relative price has drifted toward the highs or lows of its own history — not a peer ranking and not a return forecast.
- About one week: +13.5 pts (from 7% on Aug 31, 2026 to 20.5% now)
- About one month: +11.3 pts (from 9.2% on Jul 31, 2026 to 20.5% now)
Emerging Markets
Where this sits among peers
Emerging Markets · EWZ highlighted · same axes as the category chart on the home page
Top holdings
Holdings snapshot as of Jul 17, 2026.
What moves this
EWZ combines high exposure to commodity exports (iron ore, oil, agriculture) with a history of significant currency and political volatility, making it one of the more cyclical of the major single-country emerging-market funds — its relative price can move sharply on commodity-price swings alone.
FAQ
Why is Brazil considered more volatile than other large EM markets?
A combination of heavy commodity-export exposure, a history of high currency (BRL) volatility, and periodic political uncertainty has historically produced wider valuation swings than in more diversified emerging economies.
What commodities matter most for this fund?
Iron ore, oil, and agricultural exports are major drivers of the largest companies in this index, so global commodity-price cycles feed directly into the fund's earnings and valuation.
How much does the Brazilian real affect this ETF versus the local stock market?
Currency swings have historically added a substantial, sometimes dominant, layer of volatility on top of the local-currency equity market's own moves.
Emerging Markets